SoftBank Group Corp. has secured as much as $65 billion from four banks, in preparation for the company's possible formal takeover offer for Charter Communications Inc., Bloomberg News reported, citing sources.
The funding has reportedly been in place for some time, with Charter's board privy to the information when it earlier rejected SoftBank's initial proposal. SoftBank's original plan was to buy Charter and merge it with Sprint Corp. to form a new publicly traded company, according to the report.
Charter shareholder John Malone, who owns about 21% of the company via Liberty Broadband Corp. Inc., reportedly agreed with the Charter board's decision to reject SoftBank's initial proposal.
Charter shares on July 31 surged to $391.91 upon closing, up by 5.8%, Reuters reported the same day.